Publications

Mexico’s formal employment began 2026 with weak growth, affected by low investment and business closures, particularly among SMEs. Informality is rising, while services support job creation and regional and sectoral disparities persist.

Since the pandemic, Spain’s labour force participation rate has risen by 1.6 percentage points, reaching 59% of the working-age population in 2025. While the underlying trend is structural, most of the increase since 2020 reflects cyclical factors.

Spain is experiencing record employment growth that contrasts with the stagnation of wage purchasing power. This situation is explained by an economic model based on the accumulation of jobs rather than improvements in productivity, compounded by a higher tax burden on labor.

The observatory analyzes the cyclical evolution of the Spanish economy and housing prices in 2025. GDP closed the year with solid growth (2.8%), supported by domestic demand (contributed 3.6 pp to growth), while the labor market remained strong. The rise in the relative price of housing stands out in the current cycle.

Social Security affiliation increased by 211,500 people and unemployment dropped by 22,900. On a seasonally adjusted (SA) basis, job creation is estimated to have accelerated to 76,000 contributors, while the number of unemployed fell by 17,400. For 1Q26, employment grew 0.6% q/q (SA) and unemployment contracted by 1.8%.

In February 2026, the national unemployment rate stood at 9.2%, below the 10.3% recorded a year ago. The annual reduction of 1.1 p.p. was mainly due to the increase in the occupation rate, which was accompanied by dynamic employment growth (2.7%).

Social Security enrollment increased by 97,000 people and unemployment rose by only 3,600. After adjusting for seasonal factors, job creation is estimated to have accelerated significantly (reaching 46,000 contributors). However, the number of unemployed fell by 13,000, 6,000 fewer than in January.